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Hyundai Ioniq launches in Korea before challenging Prius in US [w/video]

Enough with the teasers already: Hyundai has officially launched its first dedicated electrified vehicle. The Korean automaker is naturally rolling out the all-new model in its domestic market before sending it our way. But when it does arrive, it will offer a choice of three powertrains with decreasing levels of reliance on fossil fuels. Hyundai isn't saying how far or how fast the Ioniq hybrid will travel, but it will travel on electric mode at up to 75 miles per hour. Deriving its name from an amalgamation of "ion" and "unique," the new Ioniq bears a shape largely dictated by aerodynamic requirements, helping the Ioniq achieve a drag coefficient of just 0.24, and lending it a similar appearance to the Chevy Volt, Toyota Prius, and Honda Insight. Unlike those vehicles, Hyundai will offer a fully electric version of the Ioniq at some point in the future. For the time being, the manufacturer has only detailed the hybrid version. The powertrain is built around a new 1.6-liter four-cylinder Kappa engine rated at 104 horsepower and 108 pound-feet of torque. It's paired to an electric motor that's good for another 43 hp, giving the system a combined output of 139 hp and as much as 195 lb-ft, transmitting power through a new six-speed dual-clutch transmission with a lithium-ion polymer battery pack, hidden under the flat-folding rear seat to maximize passenger and cargo space, supplying the electric motor. Though the focus here is clearly on efficiency, Hyundai says it has also designed the Ioniq to behave in a sportier fashion than its rivals. Hyundai isn't saying how far or how fast the Ioniq hybrid will travel, but has disclosed that it will travel on electric mode at speeds of up to 75 miles per hour. To further its range, the automaker fitted an efficient HVAC system, mounted low-rolling resistance tires, and developed a system that predicts energy requirements based on the programmed route and on traffic patterns to optimize charging and required level of gas engine assistance. It also made the vehicle as light as possible, using high-strength steel for the structure and aluminum for non-structural panels. Even the cargo cover is 25 percent lighter than a conventional one, and the construction uses a variety of renewable and recycled materials like (sugar cane and soybean oil) that are both environmentally friendly and lighter.

Hyundai appoints William Lee as global head of Genesis

SEOUL — Hyundai on Tuesday named its former North American chief, William Lee, to oversee its premium Genesis brand following the departure of Manfred Fitzgerald to pursue new opportunities. Lee faces the challenge of rejuvenating Genesis sales in the U.S. market and making headway in Europe and China, both tough markets to crack for luxury car sales. "The company expects Mr. Lee, in his new capacity, to lead the brand's further global expansion by leveraging his overseas business operations expertise," Hyundai said in a statement. "North America is an imperative market for the Genesis brand," it added. The news follows the appointment this month of Mark Del Rosso, a former president of Audi America, to oversee Genesis operations in North America. Genesis U.S. sales halved to 10,312 last year, although sales have picked up this year. The United States is the biggest overseas market for Genesis, which generated 72% of its sales in South Korea last year. Before his stint at Hyundai Motor North America, Lee oversaw Hyundai's Brazil operations and the U.S. unit of advertising arm Innocean Worldwide. Hyundai said in a recent earnings conference call that it has set up Genesis sales operations for China and Europe. Hyundai Motor Group's heir apparent Euisun Chung introduced the Genesis brand in November 2015, bringing in Fitzgerald, a former Lamborghini executive, a few months later to help the automaker shed its value for money image. Hirings/Firings/Layoffs Genesis Hyundai Luxury

Hyundai and Kia to hit record 8M sales for 2014

Hyundai and Kia are on a sales charge in 2014, and parent company Hyundai Motor Group is increasing projections to a record eight million combined units for the automakers by the end of the year – a bump over the original target of 7.86 million vehicles. According to Bloomberg, the key to the growth is beating expectations in Brazil, China and India, and strong crossover sales are also helping the bottom line. In the US, both automakers are doing well this year. In October, Hyundai saw a six percent dip in monthly sales, but through the first 10 months it sold 607,539 vehicles, compared to 601,773 at this point last year. Kia has done even better with 489,711 units sold from January to October, versus 456,137 for the period in 2013. The good news is a welcome antidote to negative headlines like investors' anger over Hyundai's $10 billion land purchase in Seoul, South Korea. The two automakers also had to pay a $300 million penalty to the Environmental Protection Agency for misstating fuel economy on some models. While sales may reach a new record, profits might not grow as much with them. The strong Korean won means that Hyundai and Kia have a tougher time keeping up profit margins compared to Japanese competitors with a weaker yen.